The news comes after Armstrong apologized to the staff at his Livestrong cancer foundation on Monday, according to the Los Angeles Times. The 41-year-old reportedly teared up in front of the staff and aims to repair the foundation's tarnished image.

Armstrong vehemently denied using PEDs for years despite numerous teammates and acquaintances coming forward and several investigations. After retiring in early 2011, he has been faced with nothing but a constant barrage stemming from the allegations.

This will undoubtedly change the way people look at Armstrong's cycling career, if they haven't changed their minds already. Once hailed as one of the sport's greatest cyclists and competitors, words such as "fraud" and "phony" are cascading down upon Armstrong now.

After a lifetime of success, Armstrong's image has taken a major hit, one that will resound for years to come throughout the world.